MSFD vs. LGDX

Last updated Jul 14, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and LGDX (Intech S&P Large Cap Diversified Alpha ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while LGDX is a Large Cap Blend Equities fund actively managed by Intech. MSFD is passively managed, while LGDX is actively managed. Over the past year, MSFD returned 25.82% vs 17.64% for LGDX. At a correlation of -0.55, they often move in opposite directions. MSFD charges 1.06%/yr vs 0.25%/yr for LGDX.

Performance

MSFD vs. LGDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and Intech S&P Large Cap Diversified Alpha ETF (LGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFD achieves a 19.79% return, which is significantly higher than LGDX's 9.21% return.

MSFD

• 1D: -1.53%
• 1M: -0.73%
• 6M: 18.10%
• YTD: 19.79%
• 1Y: 25.82%
• 3Y*: -3.82%
• 5Y*: —
• 10Y*: —

LGDX

• 1D: -0.81%
• 1M: 1.50%
• 6M: 7.82%
• YTD: 9.21%
• 1Y: 17.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSFD vs. LGDX - Yearly Performance Comparison

	2026 (YTD)	2025
MSFD Direxion Daily MSFT Bear 1X Shares	19.79%	-18.97%
LGDX Intech S&P Large Cap Diversified Alpha ETF	9.21%	15.03%

Correlation

The correlation between MSFD and LGDX is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	-0.55

The correlation between MSFD and LGDX has been stable across timeframes, ranging from -0.55 to -0.47 - a consistent structural relationship.

Return for Risk

MSFD vs. LGDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSFD

MSFD Risk / Return Rank: 32
MSFD Sharpe Ratio Rank: 32
MSFD Sortino Ratio Rank: 35
MSFD Omega Ratio Rank: 35
MSFD Calmar Ratio Rank: 28
MSFD Martin Ratio Rank: 31

LGDX

LGDX Risk / Return Rank: 50
LGDX Sharpe Ratio Rank: 49
LGDX Sortino Ratio Rank: 47
LGDX Omega Ratio Rank: 46
LGDX Calmar Ratio Rank: 49
LGDX Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSFD vs. LGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and Intech S&P Large Cap Diversified Alpha ETF (LGDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MSFD	LGDX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.37	-0.41
Sortino ratio: Return per unit of downside risk	1.52	1.92	-0.40
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.05
Calmar ratio: Return relative to maximum drawdown	1.12	1.98	-0.86
Martin ratio: Return relative to average drawdown	3.58	8.17	-4.59

MSFD vs. LGDX - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 0.95, which is lower than the LGDX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of MSFD and LGDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSFD vs. LGDX - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than LGDX's maximum drawdown of -15.79%. Use the drawdown chart below to compare losses from any high point for MSFD and LGDX.

Drawdown Indicators

	MSFD	LGDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-15.79%	-44.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-8.96%	-14.29%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-45.97%	-1.11%	-44.86%
Average Drawdown Average peak-to-trough decline	-41.64%	-2.05%	-39.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	2.16%	+5.07%

Volatility

MSFD vs. LGDX - Volatility Comparison

Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.57% compared to Intech S&P Large Cap Diversified Alpha ETF (LGDX) at 3.69%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than LGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	LGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	3.69%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	10.32%	+13.67%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	13.00%	+14.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	18.08%	+8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.39%	18.08%	+8.31%

MSFD vs. LGDX - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than LGDX's 0.25% expense ratio.

Dividends

MSFD vs. LGDX - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 3.30%, more than LGDX's 0.48% yield.

Position	TTM	2025	2024	2023	2022
LGDX Intech S&P Large Cap Diversified Alpha ETF	0.48%	0.52%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	3.30%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both MSFD and LGDX in my portfolio?

MSFD and LGDX have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFD or LGDX?

MSFD has higher volatility (10.57%) compared to LGDX (3.69%). In terms of maximum drawdown, MSFD dropped -59.90% vs LGDX's -15.79%.

Which ETF is better, MSFD or LGDX?

On 1-year performance, MSFD leads with 25.82% vs 17.64% for LGDX. On fees, LGDX is cheaper at 0.25% per year. On volatility, LGDX has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or LGDX?

Over the 1-year period, MSFD has performed better with a 25.82% return vs 17.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or LGDX?

LGDX is cheaper with a 0.25% expense ratio, compared with 1.06% for MSFD.

Which ETF pays a higher dividend yield, MSFD or LGDX?

MSFD has the higher dividend yield at 3.30%, compared with 0.48% for LGDX.

What is the main difference between MSFD and LGDX?

MSFD is categorized as Inverse Equities, while LGDX is Large Cap Blend Equities. They also come from different issuers: Direxion and Intech. Their fees differ too: 1.06% for MSFD and 0.25% for LGDX.

Which has better risk-adjusted returns?

LGDX currently has the higher Sharpe Ratio (1.37 vs 0.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.